3 ASX shares that exploded 60 to 133% on Wednesday

These three shares were among the top market performers on a day the ASX 200 finished in the green.

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Key points

  • These ASX shares made some big gains on the market today
  • A nickel find, a deal with Ford Motor Company, and acquisition news helped drive up their share prices 
  • The ASX 200 finished the day 0.32% ahead on Wednesday

The S&P/ASX 200 Index (ASX: XJO) gained 0.32% today, but these three ASX shares soared far higher.

Intelligent Monitoring Group (ASX: IMB), Iperionx Ltd (ASX: IPX), and Golden Mile Resources Ltd (ASX: G88) shares all charged ahead today.

So why did these three ASX shares outperform the broader market? Let's take a look.

Golden Mile

Golden Mile shares skyrocketed a massive 133% today. The Western Australian-based resources company discovered the "highest ever" nickel grades at its 100%-owned Quicksilver deposit.

Diamond drilling for stage three metallurgical testwork intersected with "very wide zones" of high-grade nickel mineralisation.

This included 49 metres at 1.74% nickel and 0.071% cobalt from 30 metres at drill hole 23QDD008.

Commenting on the news, Golden Mile managing director Damon Dormer said:

These are spectacular intersections and the highest nickel grade we have ever encountered at Quicksilver.

IperionX

Titanium share IperionX surged 69% today on the back of a deal with the Ford Motor Company. IperionX will supply its 100% recycled, low-carbon titanium metal to the car manufacturer.

IperionX has been working with Ford to design, test, and manufacture high-quality titanium parts for future Ford Performance production vehicles.

Ford has plans to be carbon neutral by 2050.

Commenting on the news, IperionX CEO Anastasios (Taso) Arima said:

We are proud to partner with Ford to accelerate the deployment of a sustainable, circular titanium supply chain for the global automotive market.

Our low-carbon titanium metal is uniquely made with 100% recycled titanium and can significantly improve automotive supply chains by using high-strength titanium components with nearly half the weight of steel.

Intelligent Monitoring

Finally, Intelligent Monitoring shares rocketed 67% ahead today on the back of takeover news. The company has entered into a binding agreement to acquire all the shares of Tyco Australia Group Pty Limited. Tyco is a security monitoring provider with customers in Australia and New Zealand.

Intelligent Monitoring will pay $45 million for the acquisition, which is subject to conditions expected to be settled by 1 August.

Intelligent Monitoring forecasts the new combined business will deliver an EBITDA of about $24.8 million, aside from transaction and restructure costs.

Commenting on the news, managing director Dennison Hambling said:

The opportunity to create a market leading business, with one of the most recognisable security brands in the world, is an exciting new development in the IMG journey.

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